There technically is a tethered jailbreak for the iPhone 4 on iOS 7 but it's for DEVELOPERS ONLY since it doesn't include cydia and most if not all tweaks are broken on iOS 7 so it's completely useless anyways.

Anyone that could make use of that wouldn't be asking here. Is better to not confuse the remaining users.

Well I don't know how to make text bold using tapatalk or I would put "developers only" in bold and upper case. But I should of added that right now an iPhone jailbroken on iOS 7 is completely useless.

What's the best one to watch? I've heard evasion and red sn0w are the best?

Follow pod2g and planetbeing on twitter. Imore will also post when it's officially released but it will be a long wait currently since a lot of jailbreak tweaks & apps are broken especially mobile substrate which most tweaks rely on

Thank you guys very much for the info! So I'm assuming if I want to jailbreak I shouldn't do any software updates that come out between now and then?

Yea staying on 7.0.1/7.0.2 is recommended for those who are currently waiting for the 7.0.x jailbreak. If Apple releases 7.0.3 don't update right and wait until pod2g or anyone else from the evad3rs team says that it's fine to update.